Adedapo Adesanya
By Adedapo Adesanya
The Naira was stable against the US Dollar across all the segments of the foreign exchange (forex) market on Wednesday, July 7.
At the Investors and Exporters (I&E) window, the local currency maintained the previous exchange rate against the greenback at N411.45/$1 at the midweek session despite a significant spike in the demand for the greenback.
According to data obtained by Business Post from FMDQ Securities Exchange yesterday, there was high pressure on the Naira at the market window as a result of hunger for forex.
It was observed that the FX demand jumped during the session by 135.4 per cent or $110.67 million to $260.51 million from the previous session’s $110.67 million.
However, this did not shake the local currency as FX traders were able to supply the needs of genuine forex customers.
At the interbank segment of the FX market yesterday, the same outcome witnessed at the investors’ window was replicated. The value of the domestic currency against the American currency remained unchanged at the market category at N411.12/$1.
The trend continued at the black market as the Nigerian Naira recorded no movement against the US Dollar, remaining stable at N503/$1.
The local currency also sustained its stability against the Pound Sterling yesterday at the parallel market by settling at N710/£1. However, against the Euro, the domestic currency appreciated by N2 to close at N593/€1 in contrast to N595/€1 it finished at the previous session.
Bears Rampage Across Crypto Market
Meanwhile, at the digital currency market on Wednesday, the Bitcoin (BTC) continued its recent slump as it fell further by 4.0 per cent to trade at N16,814,239.99.
Ethereum (ETH) recorded a 2.6 per cent depreciation to sell at N1,170,000.00, Ripple (XRP) recorded a 1.2 per cent drop to trade at N328.90, while Dash (DASH) reduced by 3.8 per cent to trade at N67,307.00.
Also, Litecoin (LTC) depreciated by 4.5 per cent to trade at N68,800.00, Tron (TRX) decreased by 3.8 per cent to sell for N31.81, while the US Dollar Tether (USDT) dropped 0.5 per cent to sell for N514.88.
